Proposed third-party motor insurance premiums for FY 2023-24
The ministry announced the proposed rates via a notification on the E-Gazette website on June 14, 2023. There has been no change proposed in the premium rates for third-party motor insurance for FY2023-24. Key Points
Economic Times15 financial transactions that cannot be done by an individual with an inoperative PAN
Your Aadhaar number and Permanent Account Number (PAN) must be linked by 30 June 2023 in accordance with section 139AA of the Income Tax Act of 1961. If it is not linked, PAN will cease to function as of July 1, 2023, in accordance with CBDT Guidelines. Key Points
Economic TimesExporters seek exemption from 45-day payment rule for supplies from MSEs
The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) Act, 2006. Key Points
Economic TimesIncome tax department notifies rules for valuing rent-free accommodation provided by employers
The Indian Central Board of Direct Taxes (CBDT) has introduced revisions to income tax rules impacting individuals who receive rent-free accommodation from employers. CBDTs amendments to Income Tax Rules, which will become effective on 1 September, will enable employees to save more and take home higher salaries. The changes imply that employees who receive unfurnished accommodation from outside the state or central governments will experience lower valuation of their homes. The result is expected to reduce their taxable base, leading to relief in the form of take-home pay. Key Points
Economic Times